Colosseum a.s. (Colosseum a.s.)
Commodities  |  January 23, 2013 08:35:28

Cocoa fell due to excess inventory

ColosseumYesterday's fall in cocoa futures to two-week low was caused by reports of significant reserves in Côte d'Ivoire, which is the largest producer of cocoa beans in the world. Since the beginning of the current season, which began on 1 October last year, increased supplies of cocoa beans from farmers to ports in Ivory Coast by 8.7% to 896,000 tons. In the same period a year earlier it was only 824,000 tons. From 6 September last year, when the price reached 10-month highs, cocoa already weakened by a total of 18%. March cocoa yesterday on ICE Futures U.S. fell by 3.2% to 2,213 cents per ton.

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